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HomeMy WebLinkAboutord1980-0591, 2 3 4 5i 61 71 i 51 I 9 10 11 12 13 14 15 15 17 15 19 20 21 22 23 `I 24 25 25 27 29 30 31 32 ate August 7, 1980 Introduced by Roehl_ Proposed by Engineering Div. ORDINANCE No. 80 -59 AN ORDINANCE of the Council of Whatcom County, Washington creating a Road Improvement District No. 4 Fund and providing for the issuance of bonds of Road Improvement District No. 4 in the principal sum of $76,031.43 and for the sale thereof. WHEREAS, by resolution of the Board of County Commissioners, Whatcom County, Washington, adopted June 5, 1978, Road Improvement District No. 4 of Whatcom County (the "County ") was duly created; and WHEREAS, the improvements provided by said resolution to be constructed in Road Improvement District No. 4 have been com- pleted.; and WHEREAS, by Resolution No. 79 -40 of the Council of Whatcom County, Washington, (the "County Council ") adopted December 6, 1979, the assessment roll in Road Improvement District No. 4 has been confirmed in the total amount of $90,491.46 of which $1.4,460.03 was paid during the thirty (30) day period permitted by law for the payment of assessments without penalty or interest; and WHEREAS, it is necessary for the County to now issue bonds of Road Improvement District No. 4 in the principal sum of $76,031.43 in order to pay part of the cost and expense of said improvement; NOW, THEREFORE, BE IT ORDAINED by the Council of Whatcom County, Washington, as follows: SECTION 1. For.the purpose of paying the cost and expense of the improvements ordered by resolution of the County adopted June 5, 1978, and constructed in Road Improvement District No. 4, eye p, Ir 1 the County shall issue and sell bonds of Road Improvement District 2 No. 4 in the principal amount of $76,031.43 (the "Bonds "). The 3 Bonds shall be dated October 1, 1980, shall be in the denomina- 4 tion of $5,000.00 each except Bond No. 1 which shall be in the 5 denomination of $1,031.43, shall bear interest at such rate or 6 rates as shall be fixed by the County Council upon the sale 7 thereof, payable on the first day of October, 1981 and annually 8 thereafter on the first day of October of each year, shall be 9 numbered from 1 to 16 inclusive, and shall mature October 1, 10 1991 . 11 Both principal of and interest on the Bonds shall be payable 12 in lawful money of the United States of America at the office of 13 14 15 16 17 16 19 20 21 22 23 24 25 26 27 28 I 29 ' 30 31 32 the County Treasurer in Bellingham, Washington or, at the option of the holder, at either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington and New York, New York. Bonds shall be redeemable at par in advance of their scheduled maturity, in numerical order, on any interest payment date whenever there shall be sufficient money in the Road Improvement District No. 4 Bond Fund to pay the same, over and above an amount sufficient for the payment of the interest next accruing on all the unpaid bonds of Road Improvement District No. 4. Notice of such intended redemption shall be given by mail to the original purchaser or the account manager thereof (or to its successor in business) at its main 'office, and by one publica- tion thereof in the official newspaper of Whatcom County not more than forty (40) no'r less than thirty (30) days prior to such redemption date. SECTION 2. There is hereby created a Road Improvement District No. 4 Fund and the Qounty has levied assessments payable into said Fund in the total amount of $90,491.46, of which -2- 4��.. „. 1� 2 3 4 5 6 3 � 9 10 11 12 13 1+4 15 15 17 19 19 20 21 22 23 24 25 26 i 27 28 29 30 31 1$14,460.03 was paid prior to the adoption of this Ordinance and not less than $76,031.43 remain payable into said Fund in ten equal annual installments together with interest and penalties thereon in accordance with Resolution No. 79 -40 of the County jadopted on December 6, 1979. Both principal of and interest on the Bonds are payable solely out of the Road Improvement District No. 4 Fund and the Whatcom County Road Improvement Guaranty Fund; SECTION 3. Said Bonds shall be in substantially the follow- ling form: I UNITED STATES OF AMERICA STATE OF WASHINGTON WHATCOM COUNTY ROAD IMPROVEMENT DISTRICT NO . 4 Laws of Washington 1963, Chapter 4 (RCPT 36.88.240) provides, in part, as follows: "Neither the holder nor the owner of any bond or warrant issued under the provisions of this chapter shall have any claim therefor against the county by which the same is issued, except for payment from the special assessments made for the improvement for which said bond or warrant was issued and except as against the improvement guaranty fund of such county, and the county shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occurring in the lawful operation thereof by the county. The remedy of the holder or owner of a bond, or warrant in case of non- payment, shall be confined to the enforcement of any assessments made in such road improve- ment district and to the guaranty fund." Wh.atcom County, Washington, hereby promises to pay to bearer on the first day of October, 1991, the principal amount of in lawful money of the United States of America, together with interest thereon from the date hereof until payment of, the principal sum has been made or duly provided for at the rate of % per annum payable October 1, 1981 and annually thereafter on the first day of October of each year, upon presentation and surrender of the annexed interest coupons as they -3- 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 15 1s 20 21 n 23 24 25 26 27 29 29 30 31 32 severally become due or until such principal amount shall have been paid or duly provided for. Both principal of and interest on the bonds are payable in. lawful money of the United States of America at the office of the County Treasurer in Bellingham, Washington, or, at the option of the holder, at either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington and New York, New York, solely out of the Road Improvement District No. 4 Fund created by Ordinance No. of the County and from the Whatcom County Road Improvement Guaranty Fund created by Ordinance No. of the County pursuant to Laws of Washington 1967, Chapter 63. Neither the holder nor the owner of this bond shall have any claim therefor against Whatcom County except for payment from the special assessments made for the improvement for which said bond was issued and except as against -the Whatcom County Road Improvement District Guaranty Fund. This bond is one of an issue aggregating in all the principal sum of $76,031.43, issued to pay part of the cost of certain road improvements within Road Improvement District No. 4 created by resolution adopted June 5, 1978. The bonds of this issue are subject to redemption at par in advance of their scheduled maturity, in numerical order, on any interest payment date whenever there shall be sufficient money in said Road Improvement District No. 4 Fund to pay the same, over and above an amount sufficient for the payment of the interest next accruing on the unpaid bonds of Road Improvement District No. 4. In case this bond is called for payment before its final maturity, each and every interest coupon not accrued at the time of such payment shall be void. Call for payment of this bond shall be made by the County Treasurer by mailing notice of such call to or its succes- sor in business, at its main office in , and by one publication of such call in the official newspaper of Whatcom County, Washington not more than forty (40) nor less than thirty (30) days prior to said call date, and when such call is made this bond shall be paid on the date the next interest coupon thereof shall become due after such call. It is hereby certified and declared that this bond and the bonds of this issue are issued pursuant to and in compliance with the Constitution and laws of the State of Washington and ordinances and resolutions of the County, and that all acts, conditions and things required to be done precedent to and in the issuance of this bond have happened, been done, and performed. IN WITNESS WHEREOF, Whatcom County, Washington has caused this bond to be signed on behalf of the County with the manual signature of the County Executive, to be attested by the manual signature of the County Auditor and ex officio Clerk of the Council, the official seal of the County to be imprinted or impressed 1 2 3' 41, 5 Z 7I 8� 10 11 I i 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 hereon, and the interest coupons attached hereto to be signed with the facsimile signatures of said officials this Ist day of October, 1980. WHATCOM COUNTY, WASHINGTON y By V" Colzty Executive ATTEST: County Auditor and ex officio Clerk of the Council The interest coupons to be attached to said bonds shall be fin substantially the following form: NO. e On the first day of , 19 , Whatcom County, Washington, will pay to bearer at the office of the County Treasurer or, at the option of the holder, at either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington and New York, New York, the sum shown hereon in lawful money of the United States of America out of the Road Improvement Distract No. 4 Fund of the County, said sum being the interest due that date on bond numbered _ of Road Improvement District No. 4 of the County. This coupon is subject to all the terms and conditions contained in the bond to which it is attached. WHATCOM COUNTY, WASHINGTON By _- - Co u y Executive ATTEST: County Auditor and ex officio Clerk of the Council SECTION 4. The Bonds shall be signed on behalf of the County by the manual signature of the County Executive and the manual signature of the County Auditor and ex officio Clerk of the Council and shall, have the official corporate seal of the County impressed or imprinted thereon. The interest coupons attached thereto shall be signed with the facsimile signatures of said officials. -.5- i ift t a � i '• I SECTION 5. The Bonds shall be sold at public sale at 11.00 2 o'clock A.M., Pacific Daylight Time, on September 4, 1980. 3 Sealed bids for the purchase of the Bonds shall be received by 4 the County Treasurer in the Whatcom County Courthouse in 5 Bellingham, Washington until such time, whereupon said bids will 6 be publicly opened and read. Said bids will be considered and 7 acted upon by the Whatcom County Council at its regular meeting 8 at 7:30 P . M. on the same day. 9 Upon the sale of said Bonds the appropriate County officials 10 are hereby authorized to do everything necessary for the prompt 11 printing, issuance and delivery of the Bonds and the proper' 12 application of the proceeds thereof. 13 INTRODUCED this 7th day of August, 1980. 14 PASSED this 21st day of August, 1980. 15 WHATCOM COUNTY COUNCIL WHATCOM COUNTY, WASHINGTON 16 17 18 19 20 21 22 23 24 25 29 27 28 29 30 31 32 Chairman ATTEST: j 3 � Whatcom Coun y Audito and ex officio Clerk of the Council APPROVED this day of August, 1980. What c County E xecutive Published August 14 and August 28, 1980 EFFECTIVE DATE: September 2, 1980 W:3 j WHATCOM COUNTY, WASHINGTON ROAD IMPROVEMENT DISTRICT NO. 4 BONDS $76,031.43 NOTICE IS HEREBY GIVEN that sealed bids will be received by the County Treasurer of Whatcom County, Washington in the Whatcom County Courthouse in Bellingham, Washington, on SEPTEMBER 4, 1980 until 11:00 o'clock A.M., Pacific Daylight Time, for the purchase of all or none of the Road Improvement District No. 4 Bonds of the.County in the principal amount of $76,031.43, at which time bids will be publicly opened and read. The bids will be considered and acted upon by the County Council at its regular meeting to be held at 7:30 P.M. on the same date and at the same place. BOND DETAILS: All of said bonds will be dated October 1, 1980, will be in the denomination of $5,000.00 each, except Bond No. 1 which will be in the denomination of $1,031.43, will be numbered 1 -16 inclusive, and will mature on October .1, 1991. The Bonds will'be in coupon form and will bear interest from the date thereof payable October 1, 1981 and annually thereafter on the first day of October -of each year. The principal of and interest on the Bonds will be payable at the office of the County Treasurer in Bellingham, Washington or, at the option of the holder, at either of the fiscal agencies of the State of Washington in the cities of Seattle, Washington and New York, New York. PRIOR REDEMPTION: The Bonds are subject to redemption at par prior to maturity-in numerical order on any interest payment date whenever there shall be sufficient money in the Road. Improvement District No. 4 Fund to pay the same•, over and above an amount sufficient for the payment of the interest next accruing on all unpaid bonds of Road Improvement District No. 4. • � i' I I - .. i SECURITY: Both principal ana interest on the Bonds will be payable solely from the Road Improvement District No. 4 Fund and from the Whatcom County Road Improvement Guaranty Fund. The County has levied assessments payable into the Road Improvement District No. 4 Fund of which an amount not less than $76,031.43 remains payable into said Fund in 10 equal annual installments together with interest and penalties thereon in accordance with Resolution No. 79-40 of the County, adopted on December 6, 1979. The Bonds will not be general obligations of the County. INTEREST RATE AND BIDDING DETAILS: Each bid shall be enclosed in a sealed envelope. There is no official bid form. Each bid submitted shall provide for the payment of accrued interest to date of delivery and shall specify either (a) the lowest rate or rates of interest and premium, if any, above par, at which the bidder will purchase the Bonds; or (b) the lowest rate or rates of interest at which the bidder will purchase the Bonds at par. No bid will be accepted for the.purchase of less than all of the Bo;:ds or for a price less than 100% of the principal amount of the Bonds. The rate of interest fixed for the Bonds must be in a multi- ple of 1/8 or 1/20 of 1%. The interest rate shall not exceed 8%. The interest rate shall be the same on all Bonds and shall be represented by one coupon for each installment. It is requested that each bid state the total interest cost over-the life of the Bonds, less the premium, if any, and the net effective interest rate of such bid. Such statement shall not be deemed to be part of such bid. The County reserves the right to reject any and all bids received and to waive any irregularities therein or in the bidding. DEPOSIT: Each bid shall be. sealed and shall be accompanied by a good faith deposit of $3,800.00 evidenced by a certified or bank cashier's check made payable to the Treasurer of Whatcom -2- County, Washington, which deposit shall be cashed by the County and held as security for the performance of such bid and shall be held for liquidated damages in case the successful bidder fails to take up and pay for the bonds within forty days, if tendered for delivery, after the acceptance thereof. Interest will not be allowed on such good faith deposit. The good faith checks of all bidders except that of the successful bidder will be returned as soon as possible after the bids have been opened and evaluated. The award of such bonds, if any, will be made not later that 8:00 P.M., Pacific Daylight Time on the date when the bids are opened. If, prior to -the delivery of the bonds, the income receivable by the holders thereof shall be taxable by the terms of any fed-eral income tax law, the successful bidder may at his option be relieved of his obligation to purchase the bonds, and in such case the deposit accompanying his bid will be returned. AWARD: The bonds will be awarded to the bidder offering to purchase all of the same at the lowest net interest cost to the County (to be determined by computing the total dollar interest cost from the date of the Bonds to the maturity date and deducting therefrom any premium), subject to the right of the County to reject any or all bids submitted and to waive any irregularities in any bid. DELIVERY: The bonds will be delivered to the purchaser in the city of Bellingham, Washington or Seattle, Washington, at the expense of the County. The purchaser shall pay accrued interest to the date of delivery; and settlement in full shall be made at the time of delivery. The County will pay the cost of printing the bonds, and will furni .5h without cost to the purchaser. thereof the unqualified approving opinion of Preston, Thorgrimson, Ellis & Holman approving the legality of the issuance of the same, whicl opinion will be reproduced on each bond. 3 i FURTHER INFORMATION: Further information regarding these Bonds may be obtained upon request made 'to the undersigned, Clerk of the County Council, Whatcom County Courthouse, Bellingham, Washington 98225. DATED at Bellingham, Washington, this day of August, 1980. Clerk of the County Council Whatcom County, Washington ,,,;